Asking Wealthy Americans How They Got Rich! (Scottsdale)

Summary

In this engaging video, the host interviews successful entrepreneurs in Scottsdale, Arizona, seeking insights into their wealth-building journeys. From a Ferrari owner who turned military discipline into a thriving online fitness business to a retired doctor who built a healthcare empire, each story emphasizes the importance of focus, reinvestment, and the value of self-belief. The interviews reveal the secrets to scaling businesses, managing cash flow, and the power of leadership, offering viewers a million-dollar perspective on achieving financial success.

Takeaways

• 🚗 The interviewee owns a Ferrari and is an entrepreneur with an online fitness and nutrition company, aiming to scale to over 100 million in revenue.
• 💼 A key to success mentioned is focusing on marketing and sales to capture demand and operational experience to fulfill the service without breaking the client experience.
• 💰 The advice for scaling a business includes reinvesting in oneself and valuing personal growth over immediate earnings.
• 🤔 The importance of mindset is highlighted, with the notion that being 'mentally rich' can lead to financial success.
• 🏆 A retired doctor turned entrepreneur shared their journey from building a healthcare company to achieving a net worth between $5 and $700 million.
• 🏘️ The doctor emphasized the value of hard work and reinvesting profits back into the business, which contributed to their wealth accumulation.
• 💬 Communication is identified as a superpower for business success, along with the ability to talk to everyone on a regular basis.
• 🌐 An entrepreneur with 40 years of experience stressed the importance of getting the right people on the team and a solid business plan for scaling a business.
• 📈 The significance of managing cash flow effectively was underscored, with the suggestion of maintaining an 18-month cash flow model.
• 🤝 The interviewees agreed that building relationships and surrounding oneself with the right people is crucial for business growth and success.
• 🎯 The military background of one interviewee was highlighted as invaluable in developing leadership and motivation skills that translated into business success.

Q & A

What was the most amount of money made by the entrepreneur in a single year?

The entrepreneur made about 250 million in a single year.

How long has the Ferrari owner been a business owner?

The Ferrari owner has been a business owner for 3 years.

What was the entrepreneur's background before becoming successful?

The entrepreneur was in the military for 22 years and was broke during that time.

What is the secret to looking young according to the 60-year-old entrepreneur?

The secret to looking young is focus and discipline.

What is the entrepreneur's advice for someone wanting to become a multi-millionaire?

The entrepreneur advises to bet on oneself, reinvest in oneself, and maintain a rich mindset.

What is the primary business of the entrepreneur who owns a healthcare company?

The primary business is providing primary care for trauma patients, including surgeries, scar revisions, sight counseling, physical therapy, Cairo, and general medical management.

How did the healthcare entrepreneur fund the start of his business?

The healthcare entrepreneur self-funded the start of his business without any loans or external investors.

What is the net worth of the healthcare entrepreneur?

The healthcare entrepreneur's net worth is somewhere between 5 and 700 million dollars.

What was the most significant sacrifice made by the healthcare entrepreneur to build his business?

The most significant sacrifice was missing out on his children's youth due to working six days a week and taking Sundays off only to nap.

What advice does the entrepreneur with a background in special operations give for overcoming adversity?

The advice is to practice daily gratitude, meditation, and maintain a positive attitude.

What is the entrepreneur's view on the work ethic of younger generations?

The entrepreneur believes there is an entitlement issue in younger generations, which he attributes to parenting rather than the individuals themselves.

Outlines

00:00

💼 Entrepreneurial Success and Life Transitions

This paragraph features an interview with a successful entrepreneur who owns a Ferrari, revealing insights into their business journey. The individual started as a military man, then transitioned into buying and selling businesses, eventually finding success with an online fitness and nutrition company. They emphasize the importance of focus and discipline as key to their success, and share their ambitious revenue goals, aiming to scale to over 100 million in annual recurring revenue. The interview also touches on the challenges of time management and the sacrifices made for their business growth.

05:00

🚀 Scaling Businesses and Overcoming Challenges

The second paragraph delves into the strategies and advice of a seasoned entrepreneur who has scaled businesses from seven to eight figures. They discuss the importance of marketing, sales, and operational efficiency in business growth. The interviewee also shares personal financial advice, emphasizing the value of self-investment and mindset over immediate earnings. The conversation highlights the significance of persistence and self-belief, regardless of age, and the interviewee's journey from a broke military veteran to a successful business owner.

10:00

🏆 Insights from a $250 Million Electronics Entrepreneur

In this segment, an interview with a highly successful entrepreneur in the electronics industry is presented. The individual shares their experience scaling a business to $250 million in revenue, emphasizing the importance of having the right people and a solid business plan. They discuss the role of product and distribution, the challenges of starting a business with limited capital, and the difficulties faced by small businesses in obtaining bank loans. The interview concludes with the entrepreneur's views on the entitlement issues of younger generations and the importance of hard work and earning over mere deserving.

🤝 The Art of Sales and Building Lasting Businesses

This paragraph focuses on the sales strategies and business philosophies of a seasoned entrepreneur who has generated millions in revenue. The interviewee differentiates between 'hunters' and 'farmers' in sales, explaining the importance of both in business growth. They discuss the challenges of managing cash flow and the necessity of maintaining an 18-month cash flow model. The entrepreneur also shares their approach to scaling businesses, emphasizing the importance of focus and discipline, and their negotiation advice, which includes securing contracts and maintaining transparency in business dealings.

Keywords

💡Entrepreneur

An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. In the video, several individuals identify themselves as entrepreneurs, indicating their roles as innovators and business owners. For example, the person who owns a Ferrari is an entrepreneur in the online fitness and nutrition industry, and the retired doctor who owns a healthcare company also falls into this category.

💡Revenue

Revenue refers to the total income generated by a business from its business activities. It is a key financial metric that indicates the success and scale of a business. In the script, various entrepreneurs mention their annual revenue figures, such as 'north of 20 million annual reoccurring Revenue' and '250 million in the good years,' to highlight the growth and financial success of their businesses.

💡Scaling

Scaling in a business context refers to the process of increasing the size, capacity, or scope of a business operation. The video features discussions on how businesses have scaled from seven to eight figures, emphasizing the importance of marketing, sales, and operational efficiency in achieving this growth. For instance, the online fitness entrepreneur discusses scaling her company to over 100 million.

💡Millionaire

A millionaire is an individual whose net worth or wealth is at least one million units of currency. The video interviews several self-made millionaires, exploring their journeys and the strategies they used to accumulate wealth. For example, one interviewee mentions becoming a millionaire at the age of 40, illustrating the concept of delayed gratification and long-term financial success.

💡Investment

Investment in the video refers to the act of committing money or capital to an endeavor with the expectation of obtaining a profit. The script mentions investment banking and venture capital, indicating the role of external funding in growing businesses. A former military man turned entrepreneur discusses his involvement in private equity and venture capital, emphasizing the importance of strategic investments.

💡Cash Flow

Cash flow is the net amount of cash moving in and out of a business. Maintaining positive cash flow is crucial for business survival and growth. The script highlights the importance of managing cash flow, with one entrepreneur emphasizing the need for an '18-month cash flow model' to ensure business stability and growth.

💡Focus

Focus in this context refers to the concentration of attention or effort on a particular task or activity. The video emphasizes the importance of focus for success in business, as illustrated by the 60-year-old entrepreneur who attributes his youthful appearance and success to 'focus and discipline.'

💡Discipline

Discipline is the practice of training oneself to follow a pattern of behavior or a specific way of acting. In the video, discipline is presented as a key factor in achieving success and maintaining a successful business, as it helps in sticking to a routine and achieving long-term goals, as mentioned by the same 60-year-old entrepreneur.

💡Negotiation

Negotiation is a process where involved parties discuss and resolve issues in order to reach an agreement. The video includes advice on negotiation, such as not talking past the sale and ensuring everything is documented in a contract. This highlights the importance of effective communication and agreement in business transactions.

💡Wealth Management

Wealth management involves making investment decisions to increase, preserve, and transfer wealth to beneficiaries or heirs. The video discusses the importance of reinvesting in oneself and maintaining a long-term mindset towards wealth accumulation. One entrepreneur advises to 'bet on yourself' and to continuously reinvest earnings as a strategy for wealth management.

💡Mentorship

Mentorship is a process where an experienced or more knowledgeable individual (a mentor) helps to guide someone with less experience (a mentee) in their development. The video mentions a private entrepreneur community where members can learn from and get mentored by successful individuals, emphasizing the value of mentorship in achieving business success.

Highlights

Entrepreneur owning a Ferrari shares insights on business growth, emphasizing the importance of marketing, sales, and operational efficiency.

A business owner reveals scaling a company to eight figures requires focusing on demand capture, conversion, and fulfilling services without breaking the client experience.

The value of self-belief and mindset in achieving financial success, as shared by a multi-millionaire who was once making only $19,000 a year.

A 60-year-old entrepreneur attributes his youthful appearance to focus and discipline, highlighting the significance of these traits in business.

The founder of a healthcare company discusses the importance of reinvesting profits into the business to maintain financial stability and growth.

An entrepreneur with a net worth between $5 and $700 million shares the sacrifices made for business success, including time away from family.

The founder of an online fitness and nutrition company outlines the strategy for scaling a business from seven to eight figures.

A business owner emphasizes the importance of capturing demand and having operational experience to build systems and processes for business growth.

A 43-year-old entrepreneur shares the best financial advice received: to bet on oneself and continuously reinvest in personal growth.

The significance of daily gratitude, meditation, and maintaining a positive attitude as shared by a successful business owner and former military officer.

A business owner with 40 years of experience discusses the challenges of starting a business with no initial capital and the importance of implementing a solid business plan.

The founder of a $250 million electronics business highlights the importance of having the right people and a good business plan for scaling a company.

A discussion on the role of debt in business, with an emphasis on the difficulty of obtaining loans for small businesses and the importance of managing cash flow.

An entrepreneur who scaled his business to $11 million in a single year shares his secret to success: focusing solely on business without compromising on personal life.

A retired doctor turned entrepreneur shares his superpower in business: communication, which he considers crucial for business growth and success.

A business owner emphasizes the importance of leadership and motivation, drawing from his special operations military background to drive business success.

The creator of a successful entrepreneur community, 'The School of Mentors', invites members to connect and learn from multi-millionaires and billionaires.

Transcripts

excuse me ma'am

9282 question for you um will'll take

care of that thank you thank you so much

is this your Ferrari yes it is and what

do you do for living out here in

Scottsville to be able to afford a

Ferrari I'm an entrepreneur how long

have you been a business owner for 3

years 3 years yeah what was the most

amount of money that you've ever made in

a single year so the most amount of

money that we have done will be this

year we'll do about 250 million about

100 million north of 20 million annual

reoccurring Revenue have you ever been

broke before yeah I was in the military

for 22 years man of course I was broke

and what did you do after the military I

started uh buying and selling businesses

what was the most amount of money that

you ever made in a single year 11 mil

how old are you uh just turned 60 you

you're not 60 years old you're yeah 23rd

of July I turned 60 what's the secret to

look at like this is 60 years old that's

crazy Focus man everything's about focus

and discipline how can somebody become a

multi-millionaire in 2024 like

yourself Hard Knock family we just got

to our destination at Fashion Square in

Scottville Arizona one of the richest

cities in the entire country and I'm

going to be going all over to find

multi-millionaires up to people who

built billion dollar companies to figure

out how they became wealthy and the

secret to becoming financially free in

2024 so with that being said let's go

get these interviews question for you

have you ever been broke before no and

what do you do for living out here in

Scottdale I I'm done quick question for

you have you ever been broke before have

I ever been what have you ever been

broke before oh [ __ ] yeah yeah let me

ask you hasn't everybody yeah but what

do you do for living out here in

Scottdale

I don't I'm just visiting right now what

industry I I don't really like social

Med I have a channel I started at UT

Austin I grew up to 6 million followers

what I I started the channel at UT

Austin I grew up to 6 million followers

I I interviewed bus great thank you bro

excuse me sir question for you sir

question for you have you ever owned a

business before yes yeah what what type

of

company all right you guys so as you

guys can see since we are in the

wealthiest city in all of Arizona it is

very hard to get access to these people

to do an interview these people people

understand the value of their time and

they are always on the go out here man

so we're going to do everything we can

to get the best content possible for you

guys so stay tuned because I'm not

leaving this video till I deliver you

guys a million dollars worth of game

let's go get these interviews come on

excuse me sir question for you how old

were you when you became a millionaire

uh 29 29 yep and how old are you now uh

48 and what do you do for living out

here in scottsvale uh I own a Healthcare

company and a couple software companies

and how long have you been an

entrepreneur for I guess my whole career

24 years and what was the lowest point

in your career as an entrepreneur

probably like 10 years years ago I

gambled on the wrong staff and they

burnt me and picked myself back up and

there's nobody you can reinvest into

besides yourself what was your

superpower as a business owner I just

talk to everybody on a regular basis

communication communication for sure so

I'm assuming that you're a salesp person

then no I'm a retired doctor retired

doctor yeah well I own the company now

but I'm the founder and CEO okay so I

guess in terms of Revenue across all

these businesses what has been the most

amount of money that you've ever made a

single year about 100 million $100

million and what are you selling we're

in healthcare so we provide primary care

for trauma patients right so we do

everything we do all the surgeries we do

scar revisions we do sight counseling we

do pt we do Cairo we do just general Med

medical management everything do you

come from money oh no not at all

McDonald's was a cool thing as a kid

like that was like a real treat and

reward how did you change your family's

trajectory like what did you see that

made you want to get really serious

about becoming financially free and

really successful in business my dad

built Custom Homes as a hobby and he

always pointed out everybody in the

neighborhood didn't have a job they

owned something so I think I took that

inside as uh well when I became a doctor

I'm going to own my practice and then

kind of expand it from there how did you

get the money to start your business did

you have to borrow any money or leverage

any capital from I have I'm the only

owner no other banks no other personal

or private Equity nothing it's just me

so you built a $100 million company same

thing well it's worth maybe a billion

now but it's it's yeah we do well what

is your net worth uh it's somewhere

between 5 and 700 million and maybe more

so what did you have to sacrifice to

build a $100 million company oh I never

saw my kids go wake up I never saw them

go to bed I work six days a week I took

Sundays off to take a nap my wife over

here said that everybody said did you

hire him for Facebook cuz we've never

met your husband cuz all he does is work

so uh I think I sa sacrific a lot of my

children's youth but now they're

teenagers and I'm there every day so

it's it's cool and are you guys married

yes let me ask you a question what's the

number one thing that you're the most

proud of about your husband everything

yeah right he's an amazing husband I

mean he's worked harder than everybody

that I've ever seen thank you so much

appreciate that man absolutely Hard

Knock family we just ran into a100

million a year entrepreneur out here who

net worth is in between $5 and $700

million he's in the business of

healthcare but what did he say is one of

the most important financial decisions

that you can make is keeping all the

money back into the business he didn't

have any investors he didn't go into any

debt so he owns that entire business and

he kept the money back into the business

because if you have one bad month as a

business owner and you blow your cash

it's all gone and you could be done so

great interview out here let's go get

this next one and keep this video

rolling come on all right you guys we

got somebody pull up on a Ferrari right

at the valley right here we're going to

go up and see what they were able to do

to be able to afford this car let's go

see what they have to say

excuse me ma'am

9282 question for you um I will take

care of that thank you thank you so much

is this your Ferrari yes it is and what

do you do for living out here in

Scottsville to be able to afford a

Ferrari I'm an entrepreneur how long

have you been a business owner for 3

years 3 years I go all over the country

just asking business owners their best

advice to new entrepreneurs could I ask

you a couple quick questions for the

channel sure awesome so what are you

doing right now in entrepreneurship I

went an online Fitness and Nutrition

Company and you've been in that business

the last 3 years three years yeah so

what was the most amount of money that

you've ever made in a single year so the

most amount of money that we have done

will be this year we'll do north of 20

million annual reoccurring Revenue $2

million 20 million how did and that's

just the start by the way okay cuz we're

going to scale this thing to over 100

million that's incredible I know we can

do it let me first ask you this how did

you scale this company from seven to

eight figures a lot of business owners

they have a great idea they start they

really struggle to scale you specialize

in scaling companies what took your

company from 7 to eight figures first of

all you got to dial in capturing the

demand so marketing and sales is huge if

you you don't have somebody overseeing

and driving the function of marketing

and sales you don't have a business

right but then the the challenges then

that you face as a business owner is not

just capturing the demand and then

converting it but fulfilling the service

so that the client experience doesn't

break so that requires somebody who has

a lot of operational experience to come

in and build systems and process now as

a multiple 8f figure entrepreneur what

was the best financial advice that you

ever receive you have to bet on yourself

you can't focus on what you're making

now so there was a time that only made

$19,000 a year right but here mentally I

was always Rich you know so it's a

mindset you have to take the money that

you're making and continuously reinvest

in yourself and you have to keep doing

that all the way through that's how

you're going to earn more money over

time so you're the best bet that you can

make a lot of people value money over

valuing themselves I value myself over

money which is why I'm so rich how old

are you now 43 how old were you when you

became a millionaire I was actually 40

40 years old so I guess it took me a

long time right so it's never too late

right age is just a number it's all

about how you feel and and that energy

that you have inside but if you were to

go back in time and have a conversation

with your 20-year-old self when you were

starting from zero what's the best

advice that you would give to your

younger self to not give a [ __ ] what

anybody thinks about you you have to

believe in yourself I think when I was

younger I didn't have Relentless belief

in myself and I wasn't Unapologetic

about who I was it took me a long time

to be who I am today you got amazing

advice thank you so much for your time I

apprciate hard family this video has

been crazy so far we're on the way to go

get our next interview right now but

I've got a very special announcement to

make a couple weeks ago we launched our

official entrepreneur Community the

school of mentors we've already hit a th

members and for the people that have

joined they can hop on live calls every

single week to learn from connect with

and get directly mentored by the

multi-millionaires and the billionaires

that I interview on this channel they

can ask them questions about their

career their life and their business so

you do not want to miss out on this

opportunity cuz it's once in a lifetime

to be able to get this access to the

people I interview on this channel every

single week so to join now link down in

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we'll see you on the inside but with

that being said let's go get this next

interview come on excuse me sir question

for you sure have you ever owned a

business before yes probably a dozen or

two yeah and what what industry did you

decide to pursue a career in uh I've

been in a bunch of Industries

Electronics Logistics what was your main

company what was my nobody you ever

heard of yeah just small business well I

started a Channel at the University of

Texas I started the channel oh you're

you're an Austin boy huh yes sir I I

grew the channel to over 6 million

followers I go all over the country just

ask business owners a couple quick

questions can I get just one minute your

I'm trying to get my daughter in a

wheelchair for sure how long have you

been an entrepreneur for 40 years 40

years and do you come do you come from a

lot of money no what did your parents do

uh small business owner I worked in my

father's business uh through uh high

school and college and then he and I

started a business uh in the early 80s

out of that what company did you start

we started it's in the electronics

Industry it's a small little

distributorship in industrial selling

and that's where I've pretty much been

my whole career so in terms of Revenue

what was the most amount of money that

you ever made in a single year we did

Revenue about 250 million in the in the

good years $250 million what's more

important product or distribution It's A

or B and it neither one actually

products can be okay distribution's just

a channel but it's all about how you

implement your plan there's a lot of

great products and a lot of good plans

but you got to implement it right how

did you scale from an 8 to a nine figure

business there's a guy who wrote a book

Collins I believe his name is get the

right people on the bus and it starts

with the right people and then uh it's

about the business plan financing it and

good partners what was your relationship

with debt as a business owner did you

have to borrow money from Banks to start

and grow businesses or how do you yes

yeah yes but it's very hard because

unless you have money they don't loan

you money so trying to get started it's

the one of the biggest problems we have

today is Banks don't loan money to small

businesses so getting started is it's a

very hard I I actually fund some stuff

with small businesses today and it's

it's very very difficult because private

equity and strategic have rolled up

every industry and Banks only give money

to the Insiders and youve sold hundreds

of millions of dollars in Revenue

throughout your career what was your

secret to sales the issue in terms of

selling is there's some sellers that are

um we call them hunters and there's some

sales guys that are farmers do you know

what those are you ever heard those

phrases I haven't heard that before so a

hunter is somebody who goes to look for

new companies new business a farmer is

somebody who gets more business out of

the existing customers so manage your

business it's a combination of both you

got it I got to go grab I appreciate you

how old are you now 62 you look

incredible for 62 and real quick I'm I'm

22 whose generation Works harder yours

than mine well individuals in your

generation do well but as a whole one of

the problems we have is good expression

for you it's in the old days it's always

I earn today it's I deserve not I earn

so entitlement it's a big problem you

see huge problem which isn't necessarily

the kids problem it's the parents for

providing it so the whole thing is

everybody gets a trophy I was a a

chairman of a regional board of

education I got V put it into and I sat

there at the negotiation and I said okay

teachers what we want to do is we have a

bunch of middle schools I want to start

comparing teachers uh uh of English

class and well we don't do that I said

well wait a minute do you teach your

kids that A's are better than B's or

better than C's yeah but not for us it's

part of what we're dealing with right

now yeah thank you take care guys have a

great day my guy's business did $250

million in electronics a very Niche

business but what did he say was the

biggest thing that took him from 8 to N9

figures he referred a book and talked

about getting the right people on the

bus at the end of the day remember this

guys people will take you places that

money can't and if you want to go fast

go bu yourself but if you want to go

further go with people together

phenomenal interview out here in

Scottdale from a $250 million man let's

go get this next one man this video has

been insane come on excuse me sir

question for you have you ever been

broke before been broke yeah yeah dude I

was in the military for 22 years man of

course I was broke and what did you do

after the military I started uh buying

and selling businesses moved overseas

yeah yeah so I ran aviation in Africa

Construction in South America wow so you

in like private Equity Venture Capital

what are you doing right now like yeah

yeah some some VC some private Equity

Investment Banking eight out of 10

businesses they won't make it past 5

years what's the most common mistake

that you see business owners make that

prevents cash flow cash flow cash flow

really simple what is the secret to

managing that cash flow and turn to get

into real wealth having an 18-month cash

flow model and then making sure that

you're staying keeping your head above

water have Revenue is awesome but you

got to have cash flow to keep the keep

the doors open yeah in terms of Revenue

though across all your companies what

was the most amount of money that you

ever made in a single year 11 mil $1

million and how did you scale from seven

to eight figures or what was your secret

to scaling businesses Focus yeah no no

life

balance no family no kids no girlfriends

just business what was the best

financial advice that you ever received

don't lose it don't lose it break that

down how can no make good deals man yeah

yeah yeah nothing is real until you have

a contract always have a contract to

always make sure that you're you're

keeping your hands above table you do

everything transparently you don't do

anything illegal immoral or unethical

you've been at the table with some Heavy

Hitters I'm sure what is your best

negotiation advice for people out there

don't talk past the sale once you've got

the sale done don't keep talking keep

your mouth shut just keep your mouth

shut yeah but what was your secret to

sales and generating millions of dollars

in Revenue over these years I'm not the

sales guy that's my secret is I know my

I know my strengths and I know my

weaknesses so what was your superpower

then as a business owner motivation yeah

leadership leadership yeah Tak taking my

special operations background and being

able to apply it to apply app to

business you so you were special office

in the military yes sir what branch uh

Army were you a ranger army green bra

that's incredible sir how important was

that military background in the business

invaluable yeah I wouldn't have changed

it for anything what was the lowest

point in your career losing friends how

did you overcome that let's say somebody

going through a tough time right now in

life how did you kind of overcome the

adversity that you face in your life in

business and the military daily

gratitude yeah I've got mantras in the

morning that I go through meditation

just staying positive man thank you so

much remember your name Jeff Jeff how

old are you uh just turned 60 you you're

not 60 years old

23rd of July I turned 60 man are are you

serious what's the secret to look at

like this at 60 years old that's crazy

Focus man everything's about focus and

discipline you're 60 today if you were

to go back 40 years ago what advice

would you give to your 20-year-old self

to to have that same blueprint and Roat

to success stay in the fight stay in the

fight stay in the fight man yes sir

thank you my friend you got amazing

advice sir have a good day thank you

hard Kno family that's a wrap on today's

video Scott still was absolutely amazing

again but I want you to like And

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we'll see you in the next video